BPP401k.com Newsletter
December 31, 2008
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Item of Interest to Advisors
The Successful Retirement Advisor - Summary: Although done in 2006, this white paper will provide advisors some insight into what plan sponsors are thinking and what today's plan sponsors both expect and demand from their advisors. Located at: MassMutual Center for Behavioral Research (PDF File). Click on headline for full article.
News
Recession Forcing HR Program Changes - Summary: The number of companies implementing cost-cutting measures, including layoffs, hiring and salary freezes and smaller pay raises, has risen sharply in just two months, according to a new survey by Watson Wyatt. Located at: 401khelpcenter.com. Click on headline for full article.
In Trying Times, HR Must 'Step Up to the Plate' - Summary: With the United States entering year two of a recession and companies facing massive layoffs nationwide, businesses are looking within their HR departments for all kinds of assistance—and not just the administrative kind. Located at: Society for Human Resource Management. Click on headline for full article.
List of Companies Who Have Changed Their 401k Match - Summary: This is a list of employers that have announced plans to change or stop making matching contributions to their employees' 401k plan accounts since June 2008. Located at: Pension Rights Center. Click on headline for full article.
2008 Year in Review: Fixing What's Broken - Summary: The focus of plan sponsors and participants in 2008 was not even on our radar screen last year. This article talks about where we've been, where we are, and what's ahead. Located at: Plansponsor.com (free registration may be required). Click on headline for full article.
Social Media Can Improve 401k Participation Rates - Summary: How did Best Buy increased 401k participation by 30%? With a contest. They asked employees throughout the retail chain to submit motivating videos that would help increase overall 401k participation. Located at: HRmarketer Blog. Click on headline for full article.
Suspending the Match - Summary: Few companies have reduced their 401k matches yet, but more are considering the possibility. For those budget-strained employers that decide a match suspension has to happen, communication proves key to upsetting employees as little as possible. Located at: Plansponsor.com (free registration may be required). Click on headline for full article.
Advantages and Disadvantages of DC Designs - Summary: This article looks at some of the pros and cons of different designs by considering situations where a sponsor likely would or would not use a particular type of defined contribution plan. Located at: JPMorgan Chase. Click on headline for full article.
Procedural Prudence Enables Fiduciaries to Avoid Liability - Summary: In a potentially significant fee litigation case, a federal trial court ruled that plan sponsors and other plan fiduciaries were not subject to liability under ERISA for paying allegedly excessive fees to a mutual fund or maintaining under performing investment options where they were able to document that their decisions were the function of procedural prudence. Located at: CCH. Click on headline for full article.
FAQs on Fiduciary Liability Insurance - Summary: This Benefit Briefing will provide you with answers to frequently asked questions (FAQs) to help you decide whether you should purchase fiduciary liability insurance. Located at: Retirement Plan Blog (PDF File). Click on headline for full article.
Defined Contribution Plan Distribution Choices at Retirement - Summary: Research on DC plan participants largely has focused on participants' decision making during their working years and on lump-sum distributions from pensions. Only relatively recently has attention turned to analyzing pension distribution decisions made by participants at retirement. Located at: Investment Company Institute (PDF File). Click on headline for full article.
2008 401k Plan Eligibility Survey - Summary: This snapshot survey investigates eligibility practices of 531 profit sharing, 401k, and combination plans. Located at: Profit Sharing/401k Council of America (PDF File). Click on headline for full article.
401k Plan Asset Allocation, Account Balances, and Loan Activity in 2007 - Summary: This report is an update of EBRI and ICI's ongoing research into 401k plan participants' activity through year-end 2007 (published December 2008). The report is divided into four sections: The first describes the EBRI/ICI 401k database; the second presents a snapshot of participant account balances at year-end 2007; the third looks at participants' asset allocations, including a new analysis of 401k participants' use of lifecycle funds; and the fourth focuses on participants' 401k loan activity. Located at: Investment Company Institute (PDF File). Click on headline for full article.
New Survey Fills the Gap in 403(b) Benchmarking Data - Summary: PSCA has released their 2008 403(b) Plan Survey. This new survey is the first of its kind, providing comprehensive information on 403(b) plan practices. Located at: 401khelpcenter.com. Click on headline for full article.
403(b) Plans Technical Questions and Answers - Summary: The SPARK Institute received a significant number of questions regarding the Best Practices from companies that are actively developing systems to follow them. They have prepared this 403(b) Plans Technical Questions and Answers to address many of the questions. Located at: SPARK Institute. Click on headline for full article.
MRD Relief – What it Means - Summary: If you administer a defined contribution retirement plan you may have many retirees who have a problem between now and December 31. This article talks about what MRD relief means and why it is important to your retirees. Located at: Alston & Bird LLP (PDF File). Click on headline for full article.
DOL Finalizes Fiduciary Safe Harbor on Selection of Annuity Providers - Summary: The U.S. Department of Labor (DOL) has finalized regulations establishing a safe harbor for the selection of an annuity provider and purchase of annuity contracts for defined contribution (DC) plans. Located at: Watson Wyatt. Click on headline for full article.
IRS Issues Winter 2009 Employee Plans News - Summary: The IRS newsletter includes an interview with Joyce Kahn, Manager, Voluntary Compliance, tips on filing a better Determination Letter application as well as other information. Located at: IRS (PDF File). Click on headline for full article
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